Government Securities: What You Need to Know About BOSS+ Bonds

What Are BOSS+ Bonds?

BOSS+ is a five-year security the Central Bank of Barbados offers on behalf of the Government of Barbados.

Government uses the money on projects that contribute to Barbados’ economic, social, and environmental development such as efforts to mitigate the impact of climate change. When you invest in BOSS+ bonds, not only do you supplement your income but you also help the country.

How Do BOSS+ Bonds Work?

You buy BOSS+ bonds at face value. The minimum investment is $500 and thereafter you can increase your investment in increments of $100. You receive 4.5 percent interest per annum over the five-year maturity period, and that interest, which is paid semi-annually, is not subject to withholding tax. At the end of the five years, you get back your initial investment.

If you don’t want to hold your BOSS+ bonds for the full five years, you can redeem them, without penalty, after 24 months. You can also trade them on the secondary market through a broker, e.g. Royal Fidelity, NCB, or SigniaGlobe. Another option is to sell your BOSS+ bonds to someone else. In the latter two instances (selling through a broker or directly to someone else), you and the purchaser would have to negotiate the sale price.

Who Should Invest in BOSS+ Bonds?

BOSS+ is a good option for people who prefer low-risk investments with steady returns and those who want a reliable income stream. 

How Can I Get BOSS+ Bonds?

To buy BOSS+ bonds, you’ll need to complete an application form, which is available on the Central Bank of Barbados’ website. A notary public, attorney-at-law, professional accountant, bank manager, a senior officer of a consulate/embassy/high commission, or senior public servant must witness the application form. Submit the application in person or via email to publicdebt@centralbank.org.bb and make your payment. 

Here are your payment options:

• Cash for purchases of $500
• Direct transfer from your bank account to the Central Bank of Barbados (Account number 142606)
• Cheques for purchases up to $100,000
• Transfer via the automated clearing house (ACH) from your commercial bank for purchases up to $100,000
• Transfer via Real Time Gross Settlement (RTGS) from your commercial bank for purchases above $100,000

Visit our MoneySmart hub for more articles, videos, and tips on how to secure your finances. Have a specific question you’d like answered? Submit it and it could be answered in our Ask the Expert column.